Oil survey firm finds rich deal

Saturday 29 June 2002 23:00 BST

STOCKBROKER Beeson Gregory's intellectual property arm IP2IPO is poised to announce a multi-million-pound contract for one of its spin-off companies. Active em, an offshore oil surveying business, is understood to be close to completing a deal with one of the world's leading oil exploration companies.

IP2IPO uses technology developed at the Oceanographic Centre at Southampton University. It established a 25-year partnership with the university in March and holds a 26% stake in Active em, the first product of the tie-up.

Beeson is being taken over by boutique investment bank Evolution in a £92m deal. IP2IPO is thought to represent almost half the value of the takeover.